marks)
b) Describe the key benefits valuation challenges in cost- benefit analysis (6 marks)
c) Discuss the key cost estimation approaches in cost benefit analysis (6 marks)
a) Explain the importance of valuing the environment in Kenya. (5 marks)
b) Describe the main economic methods used for measuring environmental values. (10 marks)
a) Hedonic wage studies indicate a willingness to pay $80 per person for a reduction in the risk of a premature death from water pollution of1/100000 in Nairobi County. If the exposed population is five million people, what is the implied value of a statistical life? (7 marks)
b) Assuming that in implementing environmental regulation to control water pollution is expected to reduce the risk of premature death from 7/100000 to 3/100000 per year in the exposed population of five million people. What would be the maximum amount this regulation would cost and still have the benefits which are at least as large as the costs. (7 marks)
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